Triple-I Issues 2020’s A Firm Foundation: How Insurance Supports the Economy

U.S. Insurers Are Among Nation’s Largest Employers, Investors, and Taxpayers

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For immediate release
New York Press Office: (212) 346-5500; media@iii.org

NEW YORK, March 3, 2020—The 2020 edition of A Firm Foundation: How Insurance Supports the Economy is now available online and free of charge.

“The U.S.’s insurers provide financial security and peace of mind to millions of Americans while also being one of the U.S. economy’s most significant employers, investors, and taxpayers. On top of everything else, insurers allocate more than half a billion dollars annually to charitable causes,” said Sean Kevelighan, CEO, Triple-I. “Insurance is the lifeblood of any developed economy, as it enables individuals, businesses and even governments to transfer risk to further invest and grow. Simply put, without insurance, an economy cannot develop in a sustainable manner.”

The latest edition of A Firm Foundation: How Insurance Supports the Economy contains charts and tables highlighting how insurers help communities recover financially from natural disasters and boost local economies by investing in municipal bond markets. In addition, the report delivers a snapshot of the industry’s economic impact in every U.S. state.

Property/casualty (P/C) insurers offer auto, homeowners, and commercial insurance whereas the life/annuity sector includes the sellers of life insurance and annuities products.

U.S. health, life/annuity, P/C, and reinsurer employment— 2.7 million jobs, a number which includes positions with carriers, agencies, brokers, and other insurance-related enterprises
Financial Assets under management— P/C insurer cash and invested assets stood at $1.7 trillion in 2018. Life insurance and annuity cash and invested assets totaled $4.1 trillion in 2018
Gross Domestic Product (GDP) contributions—$564.5 billion in economic activity was generated by P/C and life/annuity insurers, accounting for nearly 3 percent of the U.S.’s GDP in 2018
Premium taxes paid—P/C and life/annuity insurers in the U.S. paid $22.5 billion in premium taxes in 2018; these are state taxes collected by insurers through the premiums paid by state residents and businesses

A Firm Foundation is updated continuously by the Triple-I as new data becomes available.

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THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.

Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org